Increasing Adoption of Autonomous Vehicles Propelling the Growth of Vision and Navigation Systems
Currently, technological advancements are driving the automotive industry, and the introduction of autonomous vehicles is one of the most revolutionary developments the industry has witnessed. The demand for level 1, 2, and 3 autonomous vehicles has witnessed a rapid growth rate over the years, and the demand and adoption of level 4 and level 5 vehicles is expected to increase tremendously in the future.
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The increasing adoption rate of autonomous vehicles can be majorly attributed to their advanced safety driver-assistance systems (ADAS) features, which aim at improving road safety and making the movement of goods via commercial vehicles more safe and secure. One such feature enhancing the functioning of autonomous vehicles is vision and navigation system.
Technologies such as deep learning, artificial intelligence, and machine learning have led to advancements in software in each level of autonomous vehicles, thus enhancing the consumer experience. Improved image processing, enhanced sensing ability of the vehicle, and automatic controlling of the steering are some of the advantages offered by vision and navigation systems.
The recent market intelligence report titled “Global Vision and Navigation System Market for Autonomous Vehicle — Analysis and Forecast (2019–2024)” published by BIS Research focuses on the factors influencing the deployment of the vision and navigation systems in autonomous vehicles.
Global Vision and Navigation System Market for Autonomous Vehicle, 2019–2024
As per BIS Research analysis, the global vision and navigation system market for autonomous vehicle is anticipated to witness a tremendous growth at a double-digit CAGR of 26.78% during the period, 2019–2024. The market was valued at $17.00 billion in 2018 and is anticipated to reach $81.01 billion by 2024.
Vehicle type, systems type, level of autonomy, and region are the four major segments under which the global vision and navigation system market for autonomous vehicle is segmented. Passenger vehicles and commercial vehicles are the two sub-segments under the vehicle type category. The passenger vehicles segment dominated the vision and navigation system market in 2018 and is projected to maintain its dominance during the forecast period as well.
Under the level of automation, level 1 acquired the largest market share in 2018 and is anticipated to be the leading segment in 2024 too. Level 1 automation offers features such as rear parking assist and parking spot detection. However, with changing consumer preferences and growing concerns for road safety, the adoption rate of level 3 and 4 autonomous vehicles is expected witness a significant boost in the coming years, consequently leveraging the growth of the vision and navigation systems market.